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Mineral Resources
Mineral Resources (MIN) investor relations material
Mineral Resources Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary29 Jan, 2026
Executive summary
All divisions delivered strong operational performance, with Onslow Iron operating at nameplate capacity and record iron ore shipments in Q2 FY26.
FY26 volume guidance for Wodgina and Mount Marion was upgraded due to strong lithium performance and favorable pricing.
Net debt reduced to $4.9 billion and liquidity increased to over $1.4 billion, reflecting rapid deleveraging.
Entered a binding agreement for POSCO Holdings to acquire 30% of the operational lithium business for US$765 million, expected to complete in H1 2026.
Financial highlights
Onslow Iron shipped 8.7Mt in Q2 FY26 (17.3Mt in 1H26), with FOB cost at $50/wmt for the quarter.
Attributable lithium spodumene production was 138k dmt SC6, with sales of 143k dmt SC6 at an average price of US$1,094/dmt, up 29% quarter-on-quarter.
Net debt reduced by $500 million, now at $4.9 billion, and liquidity strengthened to over $1.4 billion.
Achieved $52 per tonne cost for the half, with expectations for even lower costs in the December quarter.
Capital expenditure for the quarter was ~$200 million (1H26: ~$600 million), in line with guidance.
Outlook and guidance
FY26 lithium volume guidance upgraded: Wodgina to 260-280k dmt SC6 (from 220-240k), Mt Marion to 190-210k dmt SC6 (from 160-180k).
Cost guidance maintained across all divisions, with iron ore and lithium costs tracking at or below guidance.
Onslow Iron expected to maintain capital intensity at around $2/ton in the short term.
No material change expected in overall CapEx guidance despite increased stripping costs for higher lithium production.
Maintenance and weather-related downtime at Onslow Iron is planned for, with additional transhippers to support higher shipment rates.
Impact of POSCO deal on lithium strategy?
Reconcile 2H26 lithium cost increases with FY26 guidance
Impact of 1H26 non-cash items on underlying results?
Bald Hill restart criteria given market volatility?
Onslow Iron: Transhipper impact on 40Mtpa target?
Future impact of non-underlying P&L adjustments?
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Next Mineral Resources earnings date
H1 202619 Feb, 2026
Mineral Resources
Next Mineral Resources earnings date
H1 202619 Feb, 2026
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Frequently asked questions
Mineral Resources Limited develops, operates and maintains mining service and processing facilities for its mining operations in Australia, China and Singapore. The company focuses on iron ore, gold, lithium and tantalum minerals. It provides contracting services, such as drilling and blasting, materials handling, crushing and screening, contract crushing and beneficiation services. The company was founded in 1993 and is headquartered in Perth, Australia.
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